PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩850 per share · Prices as of the 2026-10-02 close
Revenue keeps growing, but the operating margin remains below its 2022 peak, making the balance between top-line growth and earnings quality the key thing to watch.
2025 consolidated revenue reached KRW 50.0bn, up year on year, but the operating margin of 31.1% remains below the 40.9% recorded in 2022
Revenue is heavily concentrated in the second quarter, with Q2 2026 revenue of KRW 23.0bn accounting for more than half of the trailing four-quarter total
Q1 2026 was comparatively weak even for an off-season quarter, warranting continued monitoring of margin trends
The company is expanding beyond its core credit-certification business into SME ESG evaluation and technology credit bureau (TCB) services
The company voluntarily disclosed a 2026 corporate value-up plan; the 2025 dividend payout ratio was a high 79.5%, though the total dividend amount fell year on year
E-Credible was founded in 2001 and listed on KOSDAQ in 2008, operating as a specialized corporate credit information provider whose core business is credit certification services designed to increase transparency in transactions between large enterprises and their partner companies.
Its main services include electronic credit certificates, transaction risk reports, and e-construction performance records, alongside the TAMZ B2B e-commerce platform and the Widuspool corporate portal service. Part of the related business was spun off via a physical division into its subsidiary, E-Credible Networks.
The company has partnership agreements with roughly 600 large domestic and overseas enterprises, providing partner-company evaluation information along with supply-chain-management and risk-management add-on services.
Since 2015 it has been designated as a technology evaluation institution, extending into the technology credit bureau (TCB) field, and it was ranked No. 1 among TCB firms in the Korea Credit Information Services' quality-control review for the second half of 2024.
More recently, the company has moved preemptively into ESG evaluation services for small and medium-sized enterprises, building an assessment model that combines on-site inspections with external data. It has also expanded into overseas corporate information services through its global platform, ebiis.
Comparable peers cited for the company include NICE Information Service, Korea Ratings, Seoul Credit Rating & Information, Korea Credit Information, and NICE D&B.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩22B | ₩12B | 54.5% |
| 2025Q3 | ₩9.7B | ₩1.5B | 15.5% |
| 2025Q4 | ₩10.5B | ₩1.5B | 13.8% |
| 2026Q1 | ₩8.8B | ₩700M | 7.9% |
| 2026Q2 | ₩23B | ₩12.3B | 53.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩47.1B | ₩19.3B | ₩15.7B | 40.9% | 33.9% | 22.3% |
| 2023 | ₩41.1B | ₩12.6B | ₩11.7B | 30.7% | 25.8% | 19.2% |
| 2024 | ₩45.1B | ₩15B | ₩12.9B | 33.2% | 26.4% | 21.3% |
| 2025 | ₩50B | ₩15.6B | ₩12.9B | 31.1% | 30.1% | 23.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue in 2025 came to KRW 50.019bn, up from KRW 45.086bn in 2024, and topline has continued to recover even against the KRW 47.130bn recorded in 2022.
However, the operating margin has stayed below its prior level, moving from 40.9% in 2022 to 30.7% in 2023, 33.2% in 2024, and 31.1% in 2025, indicating that revenue growth has not directly translated into margin recovery.
Net income likewise dropped sharply from KRW 15.660bn in 2022 to KRW 11.748bn in 2023, rebounded to KRW 12.914bn in 2024, and was essentially flat at KRW 12.878bn in 2025.
Looking at the quarterly pattern, revenue is heavily concentrated in the second quarter: Q2 2025 revenue was KRW 22.006bn with operating profit of KRW 11.986bn, and Q2 2026 revenue reached KRW 23.017bn with operating profit of KRW 12.258bn, meaning more than half of annual results are booked in this single quarter.
By contrast, Q3 2025 (revenue KRW 9.719bn, operating profit KRW 1.509bn) and Q4 2025 (revenue KRW 10.546bn, operating profit KRW 1.457bn) maintained double-digit operating margins despite lower revenue.
Q1 2026, however, saw revenue of KRW 8.785bn and operating profit of only KRW 0.693bn, an operating margin of roughly 7.9%, a comparatively weak result even among off-season quarters.
Trailing four-quarter (Q3 2025 through Q2 2026) net income attributable to owners totaled KRW 13.120bn, underscoring how much of the annual earnings recovery depends on the seasonal Q2 revenue surge.
According to financial data providers, cumulative nine-month 2025 figures also showed revenue up 9.2% year on year while operating profit rose only 4.9% and net income just 0.8%, continuing a pattern in which revenue growth has outpaced profit growth.
E-Credible's credit certification service, which provides transaction information between large enterprises and their partner companies, is structurally exposed to the business cycle of front-end industries such as construction.
This means the company's revenue can move in line with order and investment cycles in specific sectors, and recent years' revenue fluctuations are partly interpreted as reflecting this exposure.
At the same time, as large corporations strengthen ESG management strategies, demand for ESG evaluation of partner companies has been rising, and the company has moved preemptively into SME ESG evaluation services to capture this trend.
In terms of competitive landscape, peers cited for comparison include NICE Information Service, Korea Ratings, Seoul Credit Rating & Information, Korea Credit Information, and NICE D&B, with each operating in adjacent areas such as credit information, corporate information, and TCB services in either competing or complementary relationships.
This market has structural entry barriers rooted in database reliability, evaluation model credibility, and the breadth of large-enterprise networks, limiting new entrants, though competition for market share among existing players continues.
In the technology credit bureau field, periodic review results from the Korea Credit Information Services serve as a gauge of relative market standing.
The company voluntarily disclosed a 2026 corporate value-up plan, in which its 2025 dividend payout ratio was reported at 79.5% and it was classified as a high-dividend company under the Restriction of Special Taxation Act.
However, the same disclosure showed the 2025 total dividend payment at KRW 10.237bn, down 46.5% from KRW 19.149bn in 2024, suggesting that while the payout ratio remains high, the total dividend amount fluctuates with that year's net income level.
On the business side, new areas such as ESG evaluation and technology credit bureau (TCB) services are cited as potential sources of revenue growth beyond the core credit certification business, driven by rising demand from large enterprises for ESG evaluation of their partner companies.
Expansion of overseas services through the global corporate information platform ebiis is also proceeding in parallel.
That said, no specific company-issued revenue or profit guidance, nor any disclosed large new contracts, could be confirmed, so future earnings direction will need to be gauged through the seasonally strong second-quarter results and the trajectory of the construction sector as a leading indicator.
Progress on the corporate value-up plan, including any further changes to shareholder return policy, is another factor to monitor going forward.
E-Credible tends to trade at a price level that carries a meaningful premium to net asset value, which can be interpreted as reflecting the low capital intensity and high operating margin characteristic of the credit information business model.
In terms of earnings power, margins have stayed compressed since their 2022 peak, though a gradual profit recovery has accompanied revenue growth from 2024 into 2025.
On the dividend side, the payout ratio has remained high, but the total dividend amount itself can vary from year to year depending on that year's net income level, so dividend attractiveness should be viewed alongside the earnings trend.
The exchange's official price-to-book ratio also sits in a range that implies a premium to net assets, which places it on the relatively higher side within the KOSDAQ IT services sector.
Taken together, the company's valuation appears to reflect both the strength of stable cash generation and a high payout ratio, alongside the weakness of margin stagnation over the past few years.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
The credit certification business, built on partnerships with roughly 600 large enterprises and an accumulated database, has structural barriers that make new entry difficult.
Even with a lower margin than before, the operating margin still exceeds 30%, and annual operating cash flow has consistently exceeded KRW 12bn each year. This stable cash generation underpins shareholder returns such as dividends.
As large corporations strengthen their ESG management strategies, demand for ESG evaluation of partner companies is rising, and E-Credible has moved preemptively into SME ESG evaluation.
In the technology credit bureau (TCB) field, the company was ranked No. 1 in the Korea Credit Information Services' review for the second half of 2024, confirming its competitiveness in this area.
These new businesses have the potential to broaden the revenue base in synergy with the existing credit certification service.
The 2025 dividend payout ratio remained high at 79.5%, and the company was classified as a high-dividend company under the Restriction of Special Taxation Act. It also voluntarily disclosed a 2026 corporate value-up plan, signaling policy intent regarding shareholder returns. That said, the total dividend amount itself can fluctuate depending on that year's net income.
The operating margin has remained significantly lower, falling from 40.9% in 2022 to 31.1% in 2025. While revenue has grown, margin recovery has been slow, and the gap between revenue growth and profitability recovery has persisted. Even on a nine-month cumulative 2025 basis, revenue growth of 9.2% far outpaced net income growth of just 0.8%.
The credit certification business is structurally exposed to the business cycle of front-end industries such as construction, and a downturn in that sector could directly affect revenue.
Revenue seasonality is also pronounced, heavily concentrated in the second quarter, meaning a large share of annual results depends on a single quarter. Q1 2026 showed a lower operating margin even relative to other off-season quarters, warranting a check on whether factors beyond normal seasonality were at play.
The 2025 total dividend payment was KRW 10.237bn, down 46.5% from KRW 19.149bn in 2024. While the payout ratio itself remained high at 79.5%, this shows that the total dividend amount is heavily dependent on that year's net income level. If net income growth stalls, the total dividend amount could shrink accordingly.
The credit certification business is structurally exposed to the order and investment cycle of specific front-end industries such as construction. A prolonged slowdown in that sector could reduce demand for partner-company credit checks and certification, negatively affecting revenue.
How much the growth of new businesses such as ESG evaluation and TCB can offset this dependence remains a key question.
Multiple players including NICE Information Service, Korea Ratings, Seoul Credit Rating & Information, Korea Credit Information, and NICE D&B compete in adjacent credit and corporate information markets.
External evaluation results, such as periodic technology credit bureau (TCB) rankings, can affect market standing, making it necessary to continually monitor any changes in ranking.
The operating margin has remained below its 2022 peak, and revenue growth has continued to outpace net income growth. If off-season margins repeatedly come in weaker than expected, as seen in Q1 2026, this could raise concerns about the stability of annual earnings. The impact of cost structure or business mix changes on margins warrants continued observation.
This is the expected timing of the Q3 earnings release; how the off-season quarter's revenue and operating margin compare with the same period last year and with Q1 2026 will help gauge whether margin normalization is underway.
The FY2026 dividend disclosure will show how the payout ratio and total dividend amount are set, and in particular whether the 2025 decline in total dividend amount was a temporary occurrence.
It will be worth checking whether the company discloses progress on its 2026 corporate value-up plan and whether there are any further shareholder return policy changes such as share buybacks or cancellations.
When the Korea Credit Information Services releases its regular technology credit bureau (TCB) review results for the second half of 2026, it will be worth checking whether E-Credible maintains its previous No. 1 ranking.
E-Credible maintains an operating margin above 30% and steady operating cash flow, underpinned by a high-barrier business model centered on credit certification services between large enterprises and their partner companies.
However, the operating margin remains below its 2022 peak, and revenue growth has continued to outpace net income growth in recent periods, warranting scrutiny of earnings quality.
Revenue seasonality is pronounced, with a large share concentrated in the second quarter, and Q1 2026 showed a lower margin even relative to other off-season quarters, requiring further confirmation of whether this was a temporary factor.
Beyond the traditional credit certification business, new areas such as ESG evaluation and technology credit bureau (TCB) services are cited as growth potential, and the company voluntarily disclosed a 2026 corporate value-up plan, signaling policy intent regarding shareholder returns.
That said, the 46.5% year-on-year decline in the 2025 total dividend amount illustrates that even with a high payout ratio, the total amount itself can vary with that year's earnings.
Overall, the picture combines the strengths of stable cash generation and a high payout ratio with the weaknesses of margin stagnation and dependence on front-end industries. This report does not contain an investment opinion or a buy/sell recommendation and is prepared for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.